The 2018 SinoPac Forum Sponsored by Bank SinoPac and the IMI of Renmin University of China

On the forum, experts from management, research institutes, and financial industry of Hong Kong and Taiwan attended the forum and delivered speeches. Addressors included Weng Wenqi, Chairman of SinoPac Financial Holdings Co., Ltd and Independent Director Prof. Cai Yingyi of SinoPac Financial Holdings, Prof. Tu Yonghong and Prof. Song Ke from IMI of Renmin University of China, General Manager Zhuang Mingfu, General Manager Zhu Shiting, and Chairman Chen Jiaxian of Bank SinoPac, BBVA (Hong Kong)'s Chief Economist Dr. Xia Le, Executive Director Li Runzhi of PwC Taiwan, Dean Jianfu Lin from Taiwan Institute of Economic Research, Chairman of the Taipei Foundation of Finance Zhou Wutian. Before the meeting, the Chair of Weng wenqi of SinoPac met with the IMI commission of Renmin University of China in a cordial atmosphere and extended warm welcome. He also thanked our commission for their insights in the forum and expressed his aspirations to further communication and cooperation. This forum consists of two topics, “RMB Internationalization” and “Financial Technology and the Transformation of Commercial Banks”. Professor Tu Yonghong delivered a speech on “the Influence of China-US Trade War on RMB Internationalization”. She systematically analyzed the background, necessity, development process, and the measuring index (RII) of RMB Internationalization. She also talked about the evolution process, reasons, influences and coping strategies of China-US trade friction. She also presented her outlook on RMB Internationalization. She pointed out that RMB Internationalization is returning on the 2.0 fast track. To cope with trade friction, China should create a loose and normative market environment, encourage scientific innovation, protect IPR and turn “made in China” into “created in China”. China should also leverage the important role of private enterprises, enhance the advantages of trade volume, seize the developing opportunity of the “Belt and Road” and promote supply-side reform and high-quality development. Professor Song delivered a speech on “FinTech and Digital Transformation in Banking”, clearly defined FinTech, and analyzed the major drivers for FinTech development, namely market, technology, funds, and regulation; he also elaborated on banking status in the process of FinTech advancement and explained to the audience by giving examples how FinTech can help traditional commercial banks transform into new type financial service providers. Xia Le, Chief Economist for Asia at BBVA Research Department, addressed the audience on “RMB Internationalization and China’s Bond Market Liberalization”. He reflected on the RMB internationalization progress, shared his views on the “811” exchange rate reform, and pointed out that the exchange rate is the major barrier to RMB internationalization. He also mentioned the next breakthrough of RMB internationalization lies in RMB bond market liberalization. Cai Yingyi, an independent director of SinoPac Financial Holdings Co., Ltd and professor at National University of Kaohsiung, put forward his insights on the role that Taiwan could play in the process of RMB internationalization. Li Runzhi, executive director of Zicheng Enterprise Management Consulting Co., Ltd., shared the status quo and the future of Taiwan's FinTech from the perspective of a professional consultant. The guests and the directors from SinoPac Financial Holdings Co. also seized this valuable opportunity to ask questions. The extensive topics and the speakers' enlightened speeches benefited the guests to the fullest. It is understood that the IMI of Renmin University of China and SinoPac have established a formal partnership in 2015. So far, they have jointly held multiple lectures and roundtable discussions, and combined their resources to jointly promote cross-strait financial cooperation.

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